08 March 2006

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Business Today

BOV launches new environment finance package for industry

Bank of Valletta in collaboration with the Malta Federation of Industry launched the BOV Environment Finance Package for Industry – a new financing package with the objective of facilitating access to finance for environmental projects undertaken by members of the Malta Federation of Industry operating in the manufacturing and services sectors. The BOV Environment Finance Package for Industry will support the members of the FOI in their restructuring process to conform to E.U. environment directives and local legislation in such areas as energy saving and recycling projects, as well as health and safety issues.
The BOV Environment Finance Package for the Industry was launched during a media conference addressed by Tonio Depasquale, Chief Executive Officer of Bank of Valletta, Adrian Bajada, President of the Malta Federation of Industry and Ing. Ray Muscat, Chief Officer – Enterprise Support and Innovation of Malta Enterprise.
In his address, Bank of Valletta’s CEO, Tonio Depasquale, said “The launch of the BOV Environment Finance Package for Industry underlines our resolve to support initiatives that have a direct positive effect on the external, as well as as the internal working environment of Malta-based firms. The new financing package also shows that Bank of Valletta is well aware of its customers’ needs and is committed to being supportive to its customers even when this requires substantial investment being undertaken to support environmentally friendly processes and technology”.
Depasquale said that through the BOV Environment Finance Package for Industry, the Bank will accept applications for financing up to a maximum of Lm50,000. Such financing may be used for:
- Investment in energy savings or renewable energy sources.
- Reduction in the impact on the environment throughout the manufacturing process.
- Purchase and/or Construction of a waste treatment plant and equipment.
- Businesses producing environmental friendly products
- Improvement of work safety standards.
- Reduction / recycling of packaging or waste material
- Conservation of rainwater.
- Reduction in emission pollutants.
- Reduction in energy consumption measures.
- Improvements to the working environment, including noise reduction, dust and particle emissions.
- Attainment of I.S.O. Certification

Depasquale explained how the process leading to the launch of this new product involved close co-operation both with the Malta Federation of Industry and with Malta Enterprise. He announced that customers may utilise the Malta Enterprise Loan Guarantee Scheme to secure up to 50% of their loan requirements.
In his address, FOI President Adrian Bajada highlighted the fact that this is yet another FOI scheme aimed at improving the economic and infrastructural framework within which industry operates and competes with the outside world. Bajada stated that this package is the result of “close co-operation and collaboration between the Federation and its sponsoring partner Bank of Valletta. After weeks of discussions and through the additional support of Malta Enterprise as regards its Loan Guarantee Scheme, we believe that this initiative now provides a complete and unique package for our members.”

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